* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. [00:00:03] GREAT [Town Council Press Conference ] GOOD EVENING, EVERYONE. I'M VERY HAPPY TO ANNOUNCE THIS EVENING THAT WE HAVE A PRESS RELEASE TO GIVE TO OUR CONSTITUENTS, UH, THOSE THAT ARE PRESENT. AND ALSO THOSE THAT ARE WATCHING ON DAY A VIDEO, I AM VERY EXCITED TO SAVING, TO GIVE THIS PRESS RELEASE AND THE EFFECT THAT UNDER THE PRESS RELEASE, WE HAVE A TERM AGREEMENT WITH THE UNITED BANK FOR THE, TO PAY OFF THE EDA LOAN, AND NOW TURN IT OVER TO OUR TOWN, INTERIM TOWN MANAGER. UH, THANK YOU, MR. MAYOR AND MEMBERS OF COUNCIL AND WELCOME TO THE CITIZENS AND THE PRESS THIS EVENING, AS YOU KNOW, MY NAME IS MATT TIDRICK. I'M THE INTERIM TOWN MANAGER FOR THE TOWN OF FRONT ROYAL, AS IT RELATES TO THIS PRESS CONFERENCE, SEVERAL MEMBERS OF COUNCIL. UM, WELL, I'D LIKE TO SAY A FEW WORDS TO SEE EVENING AFTER THE LAST SPEAKER, WHICH WILL BE, UH, MS. THOMPSON. UM, I'M GOING TO ASK THE PRESS IF THEY HAVE ANY QUESTIONS FOR COUNCIL TO PLEASE GO TO THE PODIUM AND, AND I'LL HELP MODERATE THE BEST I CAN FROM THIS, THIS POSITION. THE, UH, THE ORDER OF THE SPEAKERS THIS EVENING IS GOING TO BE COUNCILMAN BILL C LOCKE, COUNCILMAN CHRIS HOLLOWAY, COUNCILMAN GARY GILLESPIE, COUNCILWOMAN LAURIE COCKEREL, COUNCILMAN JACOB MEZA. AND AS I STATED, COUNCIL WOMAN LATASHA THOMPSON, WE'RE HERE TONIGHT TO SHARE THE GOOD NEWS THAT THE, UH, MAYOR JUST MENTIONED IN AN EFFORT NOT TO BURY THE LEAD. THE TOWN HAS A CONFIDENTIAL AGREEMENT IN TERMS TO PAY FOR THE AUTHORIZED DEBT OF THE FRONT ROYAL POLICE DEPARTMENT. OVERCOMING THE OBSTACLES PLACED BEFORE THE TOWN, BY THE EDA AND THE COUNTY, THE TOWN HAS TAKEN THE FIRST STEP OF PUTTING TO BED, A MAJOR ISSUE OF THREE LAWSUITS, WHICH I MIGHT ADD WITH ZERO HELP FROM THE EDA OR THE COUNTY. WE ALL KNOW ABOUT THE SCHEME OF THE EMBEZZLEMENT THRIFT THEFT MISAPPROPRIATION AGAINST THE TOWN COUNTY AND EDA PERPETRATED BY THE FORMER EXECUTIVE DIRECTOR OF THE EDA. THE VICTIMS WERE THE BANKS, THE TOWN, THE COUNTY, OR BETTER SAID THE TAXPAYERS OF THIS COMMUNITY, WHO TO THIS DAY ARE STILL DEMANDING AND WAITING FOR JUSTICE. THE TOWN HAS CONTINUALLY TRIED TO PAY FOR THE AUTHORIZED DEBT OF THE CONSTRUCTION OF THE POLICE DEPARTMENT. COUNTLESS TIMES THE TOWN HAS REACHED OUT TO THE EDA, BUT FRANKLY, THEIR FINANCES AND ACCOUNTING HAVE BEEN AND CONTINUE TO BE IN TREMENDOUS DISARRAY. I DO BELIEVE THE CURRENT BOARD IS TRYING TO RECOVER FROM THE SCHEME. I UNDERSTAND THAT HOWEVER, WE STILL HAVE ISSUES THAT NEEDED TO GET RESOLVED LIKE THE POLICE DEPARTMENT DEBT, WHEN EDA REFUSED TO WORK WITH THE TOWN AND TR AND TRULY UNDERSTAND THE TOWN'S PERSPECTIVE. AND CONSIDERING THE EDA IS INSOLVENT AND THE COUNTY IS PAYING THEIR BILLS. THE TOWN TRIED TO RESOLVE THIS MATTER WITH THE COUNTY. THAT EXPERIENCE TURNED OUT TO BE A MORE FRUSTRATING AND FRUITLESS THAN DEALING WITH THE EDA. THE TOWN GOT A, THE TOWN GOT A LOT OF RHETORIC AND NO ACTION, BUT YET AGAIN, THE TOWN DID NOT STOP AT TRYING TO DO THE RIGHT THING AND PAY ITS AUTHORIZED DEBT OF THE POLICE DEPARTMENT. SINCE WE COULD NOT GET ANYWHERE WITH THE EDA AND WE COULD NOT GET ANYWHERE WITH THE COUNTY, WE DECIDED TO REACH OUT TO THE BANK THAT IS HOLDING THE EDA DEBT ON THE POLICE DEPARTMENT, UNITED BANK. WE HAD A VERY CANDID AND TRANSPARENT CONVERSATION. REASONABLE PEOPLE HAD REASONABLE CONVERSATIONS AND PRODUCED REASONABLE TERMS FOR ALL. IT NEEDS TO BE NOTED AS FAR BACK AS MARCH OF 2019, THE TOWN ATTEMPTED TO FILE AN APPLICATION FOR A BOND AT THREE AND A QUARTER PERCENT FOR THE POLICE DEPARTMENT. THE EDA INSISTED WE PAY NEARLY $500,000 MORE IN UNAUTHORIZED PRINCIPLE. THEREFORE WE WOULD NOT AGREE ON A PAYOFF AND COULD NOT APPLY FOR THAT BOND. IN JULY, 2020, THE TOWN OF FRONT ROYAL POSTPONE THE HEARING OF THE ADA'S $21 MILLION LAWSUIT WE FILED BECAUSE WE WERE VERY MUCH TRYING TO WORK THINGS OUT WITH THE COUNTY. AND MOST IMPORTANTLY, TRYING TO AGREE ON THE PRINCIPAL DEBT FOR THE POLICE DEPARTMENT AND POSSIBLY RESOLVE THE SUIT ITSELF ON MARCH 13, 2020. WE, AGAIN, TRIED TO APPLY FOR A BOND APPLICATION, BUT THE TOWN COULD NOT AGREE ON THE PAYOFF THAT EDA WAS DEMANDING. SO WE COULD NOT APPLY ON MARCH 25TH, 2020, OUR LEGAL AND FINANCE TEAM. AND I REACHED OUT TO UNITED BANK WITH WHO WAS HOLDING THE UNSECURED CONSTRUCTION LOAN FOR THE EDA IN AN EFFORT TO SEE IF THIS BANK WOULD TURN THE ADA'S LOAN INTO A CONVENTIONAL LOAN WITH THE TOWN OF FRONT ROYAL HAPPILY, AFTER A GREAT DEAL OF DISCUSSION ON SEPTEMBER 16, 2020, I RECEIVED A DRAFT TERM SHEET FROM UNITED BANK, WHICH I DID NOT AGREE TO BECAUSE I FELT THE TOWN TO GET SLIGHTLY BETTER TERMS. AND WE DID ON SEPTEMBER 17TH, 20, 20, COINCIDENTALLY, LESS THAN 24 HOURS AFTER I RECEIVED THE TERM SHEET FROM UNITED BANK, THE EDA CALLED FOR A SPECIAL MEETING ON THURSDAY MORNING AND FILED A FRIVOLOUS COMPLAINT [00:05:01] AND REMAND DAMAGES AGAINST THE TOWN. ON MONDAY, THE COUNCIL AUTHORIZED ME TO RATIFY THE TERM SHEET FROM UNITED BANK. AS I STATED PREVIOUSLY, THE TERMS ARE STILL CONFIDENTIAL, BUT YOU WILL SOON DISCOVER THE DETAILS. IT'S NOT THE NEW MARKET TAX CREDIT DEAL, BUT IT'S A DARN GOOD DEAL FOR THE CITIZENS OF FRONT ROYAL. AND IT TAKES A LOAD OFF. IT TAKES A LOAD OFF THE COUNTY IN THE EDA WHO ARE OBLIGATED FOR THE DEBT, SAVES THEIR CREDIT RATINGS. AND THIS LOAN WILL PUT, PUT A BAD CHAPTER OF OUR HISTORY BEHIND US. THIS IS A HUGE WIN-WIN FOR ALL PARTIES, BUT ESPECIALLY THE TOWN TAX PAYERS WHO ARE SAVING OVER A MILLION DOLLARS IN INTEREST IN HALF A MILLION IN PRINCIPLE COMPARED TO WHAT THE EDA WAS DEMANDING. BEFORE I TURN, UH, TURN THE MIC OVER TO COUNCILMAN CEYLON, I WOULD LIKE TO THANK THE LAW FIRM OF DAMI, ANI AND DAMIANI, WHO DID AN ABSOLUTELY FANTASTIC JOB WORKING WITH THE BANK'S LAW FIRM. AND I MIGHT ADD PAID FOR THEIR LEGAL FEES, 15 FOLD OVER ON JUST THIS ONE DEAL ALONE. I ALSO NEED TO THANK OUR FINANCE DIRECTOR, BJ WILSON TOWN, ATTORNEY, DOUG NAPIER, AND ESPECIALLY UNITED BANK TOGETHER. AND WITH COUNTLESS HOURS SPENT TRYING TO DO WHAT'S BEST FOR THE CITIZENS OF OUR TOWN. WE HAVE TAKEN A GIANT STEP FORWARD BY RESOLVING A MAJOR OBSTACLE REGARDING THE DISPUTE BETWEEN THE TOWN AND THE EDA. LASTLY, I NEED TO THANK THE TOWN COUNCIL. YOU'VE HAD TO BITE YOUR LIP COUNCIL COUNTLESS TIMES ON THE ADVICE OF ATTORNEYS FOR OVER A YEAR FACED WITH WHAT YOU HAVE ENDURED. LESSER STATESMEN WOULD HAVE COWERED AND WOULD HAVE BEEN GRIPPED IN FEAR AND THE INABILITY TO TAKE DECISIVE ACTION. YOU NEVER GAVE UP. YOU NEVER QUIT. YOU NEVER WAVERED. YOU CONTINUALLY FOUGHT FOR THE TOWN TAX PAYERS AND THE TRUTH AS A TOWN, CITIZEN, AND TAXPAYER. I TRULY CANNOT THANK YOU ENOUGH FOR STANDING YOUR GROUND WITH THAT SIN. I'LL TURN IT OVER TO A COUNCILMAN SILA. THANK YOU. YES, BILL. SEE LOCK. I GOT SIX POINTS. I'D LIKE TO MAKE THE ELATION THAT I SAW ON HIS COUNCIL. THE OTHER NIGHT ON THE FIRST NOTICE OF A TERM PAPER WITH THE UNITED BANK, THE AMOUNT IS SIGNIFICANT TAX SAVINGS FOR OUR CONSTITUENTS. AND I'M VERY PLEASED THAT WE WEREN'T FORCED INTO OUR HIGHER RATE BY OTHER INDIVIDUALS THAT ARE ON THIS, UH, COUNCIL. PREVIOUSLY, WE WERE TOLD TO SETTLE AT 3.75% TO PAY OFF THE DEBT WE CHOSE NOT TO. WE TOWN COUNCIL TOOK THE POSITION THAT OUR STAFF, WHICH I COMMEND HEARTEDLY, PLUS OUR LAWYERS WHO PUSHED AND SHOVED AND WORKED WITH THE UNITED BANK TO GET US A FEASIBLE RATE THAT WE DIRECTED THE STAFF TO DO WITH THAT SAID, WE GOT TO TALK ABOUT DOLLARS. IF WE WOULD HAVE SETTLED ON THE HIGHER TAX RATE, WHICH EVERYBODY WAS FORCING US TO DO, IT WOULD HAVE BEEN SOMEWHERE AROUND $4.8 MILLION THAT WE WOULD HAVE BEEN PAYING. WE HAVE A SIGNIFICANT REDUCTION AND SAVINGS TO THIS WITH A LOWER RATE, A SAVINGS OF OVER A MILLION DOLLARS. THAT'S INEFFICIENT. WHEN WE TRIED TO GO TO A BONDING AGENCY, WE WERE STOPPED BECAUSE WE COULD GET THE EDA TO WORK WITH US TO GET FEASIBLE RELEASE. SO WE COULD APPLY FOR THE BOND. THEY STOPPED US. THEY LOOKED AT, WE LOOKED AT SIGNIFICANTLY. WE WENT THROUGH EVERY NICKEL DIME AND EVERYTHING THAT WAS PORTRAYED FOR THE POLICE DEPARTMENT. AND WE CAME UP WITH 8.4. WE ALL AGREED $8.4 MILLION. NOW I SEE THE ADA'S ASKING FOR 8.9 MILLION. THERE HAS BEEN NO NEGOTIATION, NO DISCUSSION, JUST A COUNTER SUIT. ALL I'VE HEARD FOR OVER A YEAR IS WHY DON'T YOU NEGOTIATE? WE TRIED NEGOTIATION THAT WILL BE TOLD HERE SHORTLY, THERE HAS BEEN NO NEGOTIATION WITH THE EDA OR COUNTY. EVEN WHEN WE TRIED, THERE'S BEEN NO DISCUSSION OR FOR FULL DISCLOSURE ON THE HALF A MILLION DOLLARS. IT JUST MAGICALLY CAME UP [00:10:01] THIS PAST WEEK. NO DISCUSSION, NO NOTHING. JUST PAY US $500,000 MORE. THAT IS VERY DISTURBING. AFTER THE ELATION OF THIS COUNCIL ON HEARING THAT WE FINALLY GOT A TERM SHEET, WE GOT A COUNTER SUIT FOR AN ADDITIONAL $500,000. THAT'S WHY I'M LATE IT IN ONE PIECE AND SORROWFUL AND THE OTHER, NO NEGOTIATION, NO DISCUSSION, JUST BOOM COUNTERSUIT. BUT I AM PLEASED THAT THIS TERM SHEET WILL SAVE THIS COMMUNITY A LOT OF DOLLARS OVER A MILLION DOLLARS, WHICH WAS OUR OBJECTIVE MANY, MANY TIMES THAT'S MINE SPEECH OR MR. MAYOR. THANK YOU, MR. C. I BELIEVE COUNCILMAN HOLLOWAY IS NEXT. THANK YOU, MR. DIEDRICH. UM, LAST WEEK I DEFENDED THE TOWN AND DID MY BEST TO OUTLINE THE SITUATION WE HAVE UP THAT WE'VE BEEN UP AGAINST. THERE IS NO DISPUTE THAT THE WARREN COUNTY BOARD OF SUPERVISORS OVERSAW THE EDA. IT APPOINTED ALL BOARD MEMBERS AND PROVIDED FUNDING FOR THE EDA OPERATIONS, BUT IT DID NOT ACTUALLY OPERATE THE EDA BY LAW. THE EDA IS A SEPARATE POLITICAL ENTITY EMPOWERED AND IN FACT, REQUIRED BY STATUTE TO ACT AS ITS OWN ON ITS OWN BEHALF FOR BENEFIT OF THE RESIDENTS OF THE COUNTY AND THE TOWN IN THE COMMONWEALTH. AGAIN, BY STATUTE, THE EDA IS OPERATED BY A BOARD OF DIRECTORS. THE DIRECTORS MAKE DECISIONS, TAKE ACTION AND ARE ACCOUNTABLE FOR ALL ACTIONS TAKEN BY THE EDA. THE EDA BOARD HIRED AN EXECUTIVE DIRECTOR, JENNIFER MCDONALD TO ACT AS ITS MANAGER ON ITS BEHALF. THE EDA GAVE ITS EXECUTIVE DIRECTOR, JENNIFER MACDONALD, UNFETTERED AUTHORITY TO ACCESS AND USE FUNDS EARN MARKED FOR THE TOWN AND COUNTY DEVELOPMENT PROJECTS. AND THEN ABSOLUTELY FAILED OVERSEE HER USE OF THESE FUNDS. AS A RESULT, MILLIONS OF DOLLARS OF TOWN AND COUNTY FUNDS WERE STOLEN OR MISUSED. THOSE ARE ALL FACTS, NO EXAGGERATION AND COMPLETELY INDISPUTABLE. BASED UPON THOSE FACTS. THE EDA IS RESPONSIBLE TO THE TOWN FOR THE WRONGFUL ACTS OF ITS EX EXECUTIVE DIRECTOR MACDONALD INSTEAD OF ACCEPTING SOME RESPONSIBILITY AND BEING ACCOUNTABLE TO THE CITIZENS AND WORKING HAND IN HAND WITH THE TOWN IN GOOD FAITH TO RECTIFY THE MESS CREATED BY ITS EMPLOYEE, THE EDA BOARD, AS INSTEAD OF TAKEN A REGRETTABLE AND UNSEEMLY PATH OF POINTING FINGERS EVERYWHERE, BUT AT ITSELF, AND ATTEMPTING TO AVOID THE CONSEQUENCES OF ITS MASSIVE FAILURE OVERSIGHT. THE TOWN HAS MADE SURE REPEATED ATTEMPTS TO WORK WITH THE EDA AND TROUBLESHOOT AND RESOLVE THE ISSUES THE EDA NEGLIGENCE CREATED, BUT HAS LARGELY BEEN EITHER IGNORED OR SOMEHOW BLAMED BY THE EDA FOR THE ADA'S OWN FAILING FAILED FAILINGS AS IT RELATES TO THE POLICE DEPARTMENT. THE TOWN DOES NOT. I DISPUTE THAT IT AGREED TO FUND THE CONSTRUCTION OF THE HEADQUARTERS FOR THE POLICE DEPARTMENT, NOR DOES THE TOWN DISPUTE THAT IT KNEW THAT THE CONSTRUCTION WOULD REQUIRE THE EDA TO OBTAIN FINANCING AS HAS BEEN STATED FOR OVER A YEAR. NOW, THE DISPUTE REGARDING THE POLICE DEPARTMENT, BUILDING CENTERS ON THE PROMISES MADE BY THE EDA TO THE TOWN COUNCIL, THAT IT WOULD OBTAIN FINANCING FOR THE POLICE DEPARTMENT, ACCORDING TO PACIFIC AND FAVORABLE FINANCING TERMS. AND THE ADA'S EX EXECUTIVE DIRECTOR WHEN ASKED FOR AN UPDATE, SHE STATED, AND I QUOTE THE MONEY IS IN OUR ACCOUNTS IN QUOTE, THIS TURNED OUT TO BE A LIE. AND IT WAS DISCOVERED LATER THAT IT WAS ONE OF MANY LIES. SO IN ACTUALITY, THE LOAN ACTUALLY OBTAINED BY THE EDA TO BUILD A POLICE DEPARTMENT IS VERY DIFFERENT FROM THE LOAN THAT THE EDA PROMISE AND THE TOWN COUNCIL APPROVED THE LOAN OBTAINED BY THE EDA WOULD RESULT IN THE TOWN PAYING MILLIONS OF DOLLARS MORE IN INTEREST MILLIONS OF DOLLARS FOR A YEAR. NOW WE HAVE BEEN BEATEN UP AND THE LOCAL TABLOID NEWSPAPER PAY OUR BILLS TO PAY FOR THE POLICE DEPARTMENT TO PAY OUR DEBTS ON AND ON AND ON. WE HAVE ALWAYS WANTED TO PAY WHAT WE AUTHORIZED AND WE CONTINUE TO WANT TO RESOLVE THIS MATTER, BUT THE EDA OR THE COUNTY WOULD NOT ALLOW US TO PAY, WHICH WA WHICH WHAT WE AUTHORIZED TO PAY AND RESOLVE THE REST. AT A LATER TIME, THEY THOUGHT THEY COULD CONTROL THE TOWN, BEAT US INTO SUBMISSION, WILL IT DIDN'T WORK. WE HAVE, WE HAVE TO THE TOWN'S TAXPAYERS, THAT'S OUR JOB IN A SIMILAR VEIN. THE TOWN HAS BEEN PAYING AND WILL CONTINUE TO PAY ANY AND ALL DEBTS INCURRED BY THE EDA [00:15:01] ON THE TALENT'S BEHALF THAT WERE AUTHORIZED BY THE TOWN COUNCIL, AS SUCH AS REPEATEDLY AND CONSTANTLY TOLD TO THE COUNTY AND THE EDA, THE TOWN HAS BEEN WILLING TO MAKE PAYMENTS TO THE EDA FOR THE POLICE DEPARTMENT HEADQUARTERS THAT ARE EQUAL TO THE PAYMENTS THAT THE TOWN COUNCIL AUTHORIZED, WHICH INCLUDED THE ENTIRE PRINCIPAL DEBT AND AUTHORIZED INTEREST RATE. BUT AS YOU SOON WILL DISCOVER THE BOARD OF SUPERVISORS WOULD NOT ALLOW THAT THE ACTIONS TAKEN OF THE EDA HAVE BOUGHT US TO THE POINT TO WHERE WE ARE TODAY. THE EDA IS RELUCTANCE TO TAKE TRUE RESPONSIBILITY FOR ITS ACTIONS AND FIND COMPROMISE HAS CAUSED THE TOWN TO GO DIRECTLY TO UNITED BANK. THE LOAN WE ARE ABOUT TO OBTAIN UNDER THESE VERY FAVORABLE TERMS PAYS OFF THE PRINCIPAL BORROWED, WHICH NO ONE DISPUTES, UNFORTUNATELY IT SHOULD HAVE BEEN THE EDA TO WORK WITH UNITED BANK. IT SHOULD HAVE BEEN THE EDA TO FACILITATE THESE FANTASTIC TERMS, AND IT SHOULD HAVE BEEN THE EDA TO COME TO THE TOWN AND TRY AND HELP. BUT SADLY, THAT WAS JUST NOT THE CASE INSTEAD OF THE EDA CONTINUALLY BLOCKED OUR EFFORTS. SO OUR TOWN MANAGER, OUR ATTORNEYS AND STAFF WENT TO THE UNITED BANK DIRECTLY. THEY WERE HONEST, TRANSPARENT, AND WITH THE BANK AND UNITED WERE WILLING TO HELP ABLE TO ABLE AND EAGER TO GIVE US A PERMANENT FINANCING PAY OFF THE LOAN. IT'S BEEN A PLEASURE WORKING WITH THIS COUNCIL. WE'RE ACTUALLY GETTING THINGS DONE AND I'M REALLY HAPPY TO BE ONE STEP CLOSER TO THIS, GETTING THIS POLICE DEPARTMENT PAID FOR AND OFF THE TABLE WITH THE EDA, THERE WAS MORE TO BE DONE, BUT IT'S MY BELIEF. IT'S GOING TO TAKE THE LEADERSHIP TO SEE THE EDA SCANDAL TRULY RESOLVED AND WORK OUT THE CALMING WORKOUT IN THE COMING MONTHS LIKE COUNCIL, I REFUSE TO LET THE EDA SCANDAL DEFINE US WHETHER IT'S FAKE NEWS, FAKE SOCIAL MEDIA ACCOUNTS OR FAKE AT FAKE FACTS, WE HAVE KEPT OUR MOUTH SHUT AND OUR HEADS DOWN AND CONTINUALLY TRYING TO RESOLVE WHAT WE, WHAT WE COULD. AND TODAY IS THE FIRST STEP IN GREATER THINGS TO COME. THANK YOU. UH, THANK YOU. UH, COUNCILMAN HOLLOWAY, I BELIEVE. UH, COUNCILMAN GILLESPIE'S NEXT ONE. THANK YOU. AND GOOD EVENING EVERYONE. UM, I WANNA THANK MAYOR. THANK YOU FOR GIVING ME THE OPPORTUNITY TO SPEAK HERE TONIGHT. UM, THANK YOU, MR. T-SHIRT AND TO TOWN STAFF FOR ALL THE HARD WORK THAT YOU GUYS HAVE PUT INTO THIS, UM, THIS, THIS, THIS DEAL, UM, AS CHRIS STATED, THE TOWN HAS BEEN AND CONTINUES TO PAY ALL OFF THE RAS BILLS EXPENSES AND TO THE EDA AND EVERYONE ELSE FOR THAT MATTER. AND I FULLY AGREE WITH CHRIS, THE TOWN WILL NOT PAY ANY UNAUTHORIZED DEBTS OF THE EDA. ADDITIONALLY, THE TOWN TRAD ALL LAST YEAR AND MOST OF THIS YEAR TO WORK WITH THE EDA TO RESOLVE THE AFT IN THE END AND THE POLICE DEPARTMENT AND OTHER ISSUES AS IT RELATES TO THE AFTERNOON, MANY TOWNS SODA, SINCE I'VE COME UP TO ME AND SAID, GARY, YOU NEED TO DO SOMETHING ABOUT THAT BUILDING. IT'S JUST EMBARRASSING. AND I COMPLETELY AGREE. I'M ASHAMED OF HOW IT LOOKS RIGHT SMACK IN THE MIDDLE OF THE TOWN AND THE COUNTY, THE EDA AND THE BOARD OF SUPERVISORS SHOULD BE EMBARRASSED AT WHAT THEY HAVE ALLOWED. THE TOWN DOES NOT OWN THAT BUILDING. AND THERE WAS LITTLE WE COULD DO TO HAVE, I'M SORRY, I MISS MY SPOT. THE TOWN DOES NOT OWN THAT BUILDING. AND THERE WAS LITTLE WE COULD DO TO MAKE THE EDA, GET THAT PROJECT FINISHED. AND LET'S REMEMBER THERE WAS A CONTRACT TO RENOVATE THE AFTERNOON THAT THE EDA KILLED THAT CONTRACT A YEAR AGO. THE BOARD OF SUPERVISORS LIKES TO REMIND TOWN CITIZENS THAT THEY ARE ALSO COUNTY CITIZENS WHEN IT'S CONVENIENT. WELL, I WOULD LIKE TO REMIND THE BOARD OF SUPERVISORS THAT PROPERTY IN THE TOWN IS ALSO PROPERTY IN THE COUNTY. SO WE WILL HAVE A DUTY TO GET THIS AFTERNOON, RENOVATE IT REGARDING THE POLICE DEPARTMENT. BERNIE HAS ALREADY BEEN SAID, WE HAVE A POLICE DEPARTMENT AND WE'RE THRILLED TO DEATH WITH HOW WELL IT TURNED OUT AS CHRISTINA, THE PRINCIPAL AMOUNT WAS NEVER THE ISSUE. AND WE WANT IT MANY TIMES TO AGREE TO PAY THAT OR ROW THAT AND RESOLVE ANY BALANCE AT A LATER DATE, BUT NEITHER THE COUNTY NOR THE EDA WOULD LET US DO THAT. BUT THIS IS IMPORTANT TOWN STAFF AND TOWN COUNCIL NEVER GAVE UP TRYING TO RESOLVE WHAT WE COULD. THE TOWN CONTINUALLY [00:20:01] TRIED TO WORK WITH EDA AND THE COUNTY. AND I'M HERE TO SAY, WE ARE STILL WORKING IN GOOD FAITH WITH EDA IN COUNTY, BUT NOT ON ONE OCCASION, HAS THE EDA OR THE COUNTY WORK WITH THE TOWN, NOT ONCE LAURIE CAPA WAS SOON TALK ABOUT WHICH LORI COCHRAN WE'LL TALK ABOUT WHEN SHE STARTED TO HAVE INFORMAL DISCUSSIONS WITH A COUPLE OF SUPERVISORS. AND IT WAS BECAUSE OF THOSE CONVERSATIONS THAT THE TOWN VOLUNTARILY OFFERED TO CONTINUE THE HEARING, WHICH WAS SCHEDULED FOR JULY 27TH, BECAUSE IN GOOD FAITH, WE TRULY WANT IT AND STILL WANT TO WORK OUT THIS NIGHTMARE WITH THE COUNTY AND ANOTHER EFFORT OF GOOD FAITH, BUT VOLUNTARILY OFFERED TO PAY THE POLICE DEPARTMENT CONSTRUCTION DEBT THAT WAS VOTED ON AND APPROVED BY COUNCIL. WE OFFERED A SIMPLE ONE PAGE RESERVATION OF RIGHTS AGREEMENT, WHICH BY THE WAY, EDA LEGAL COUNSEL OFF HARASSED, WHICH STATED UPON OTHER THINGS, THE COST AND THE LOAN FOR A POLICE DEPARTMENT OR UNDER LEGAL DISPUTE, WHICH, WHICH NO ONE CAN ARGUE. THIS POINT. THE TOWN AND COUNTY ARE IN DISCUSSIONS WHICH MAY RESULT IN AMENDING THE TOWNS CLAIMS IN THE LITIGATION, WHICH IS A BIG THING, TRYING TO WORK OUT LITIGATION, THE TOWN DENIES. IT OWNS THOSE ANY MORAL OR LEGAL OBLIGATION TO REPAY THE LOAN AND THE BIG FOOTNOTE HERE. UNITED BANK SAID THE SAME THING TO OUR ATTORNEY. THIS STATEMENT HAS NO IMPACT ON THE COUNTY OR THE EDA. SO NO ISSUES HERE, NONETHELESS, AND I QUOTE AS A SHOW, GOOD FAITH, AND TO FACILITATE CONTINUED DISCUSSIONS WITH THE COUNTY, THE TOWN HEREBY ATTENDED PAYMENT IN THE AMOUNT OF $10,528 AND 95 CENTS FOR THE JULY, 2020 PAYMENT FOR THE LOAN PAYMENT ON THE LOAN. THIS AMOUNT HAS BEEN CALCULATED WITH REFERENCE TO THE NEW MARKET TAX CREDIT PROGRAM, AS DETAILED IN THE LITIGATION. LADIES AND GENTLEMEN, THE TOWN COUNCIL CALLED A SPECIAL MEETING ON JUNE 30TH. THE FAST TRACK, THIS AGREEMENT, WHICH AGAIN WAS, WAS AUTHORIZED BY EDA LEGAL COUNSEL AND THE TOWN'S LEGAL COUNSEL WAS SIGNED BY THE MAYOR THAT NIGHT. AND THE AGREEMENT WAS DELIVERED TO THE BOARD OF SUPERVISORS FOR THEIR APPROVAL. AND I MIGHT ADD, WE HAD TO CHECK PRINTED AND READY, BUT THE COUNTY NEVER SIGNED THE AGREEMENT. THE BOARD OF SUPERVISORS WOULD NOT SIGN THE AGREEMENT AUTHORIZED BY THE ADA'S LEGAL COUNSEL. THEY NEVER GAVE A REASON WHY THEY WOULD NOT SIGN THE AGREEMENT. OF COURSE, WE NEVER BELIEVED THEM. THE CHEQUE, LADIES AND GENTLEMEN, THAT'S WHAT WE HAVE BEEN DEALING WITH HERE. ANOTHER GOOD FAITH EFFORT BY THE TOWN WAS SQUANDERED AWAY, GUYS. THANK Y'ALL FOR HEARING ME OUT. AND NOW I'D LIKE TO TURN IT OVER TO LORI, PLEASE. THANK YOU. SO IN JUNE, AS YOU KNOW, COUNCILMAN HOLLOWAY AND I BEGAN HAVING SOME INFORMAL DISCUSSIONS WITH SUPERVISORS, OATS, AND COLORS, AND THE PURPOSE OF THOSE DISCUSSIONS WAS TO TRY TO FIND SOME COMMON GROUND WITH REGARDS TO THE EDA AND THE POLICE DEPARTMENT. WE ALL FELT ENCOURAGED AND OPTIMISTIC THAT WE MIGHT BE ABLE TO RESOLVE SOME OF THE ISSUES THAT WE WERE FACING AS A RESULT OF JENNIFER MACDONALD'S TENURE. AS THE EXECUTIVE DIRECTOR OF THE EDA AS JULY 1ST BEGAN TO NEAR AN A PAYMENT NEEDED TO BE MADE ON THE POLICE DEPARTMENT. THE TOWN VERY SWIFTLY MADE ARRANGEMENTS FOR WHAT WE THOUGHT WAS A GOOD FAITH PAYMENT TO SHOW THAT WE WERE WILLING TO WORK WITH THE COUNTY TOWARDS THE RESOLUTION, SOME RESISTANCE TO THE LEGAL JARGON AND THE RESERVATION OF RIGHTS, WHICH COUNCILMAN GLASBY JUST DISCUSSED AS WELL AS THE AMOUNT OFFERED, PREVENTED THE COUNTY FROM ACCEPTING THAT PAYMENT. SOME HEALTHY DISCUSSIONS CONTINUED EVEN INTO JULY AND THESE CONVERSATIONS INCLUDED, COMPROMISE AND CREATIVITY. AS WE ALL THOUGHT, WE WERE WORKING TOWARDS AN AGREEMENT, THE BOTH THE COUNTY BOARD OF SUPERVISORS AND THE TOWN COUNCIL COULD LIVE WITH OUR ATTORNEY, DRAFTED A LETTER OF TENT INTENT, LAYING OUT ALL THE POINTS THAT WE HAD GONE OVER IN OUR INFORMAL DISCUSSIONS, THINGS SUCH AS REORGANIZING THE CURRENT EDA WITH THE TOWN AND COUNTY, BOTH APPOINTING MEMBERS TO SERVE ON THE EDA BOARD, THE TOWN SHARING THE RESPONSIBILITY OF PAYING A PORTION TOWARDS THE EDA, AN AMOUNT THAT HAD MIRRORED, THE ORIGINAL FIGURES WHEN THE COUNTY AND TOWN FIRST CREATED THE ADA. AND WE ALSO ASKED TO HAVE AN EDA STAFF MEMBER WHO WOULD FOCUS THEIR EFFORTS ON THE TOWN'S ECONOMIC REDEVELOPMENT. THAT LETTER OF INTENT STATED THAT IF THE PREVIOUS THINGS MENTIONED COULD BE AGREED [00:25:01] UPON THAT WE TOGETHER THE BOARD OF SUPERVISORS AND THE TOWN COUNCIL WOULD TRY TO FIND FAVORABLE FINANCING FOR THE POLICE DEPARTMENT AND THAT THE TOWN WOULD PAY 27 INTEREST ONLY PAYMENTS ON THE LOAN BASED UPON THE NEW MARKET TAX CREDIT TERMS. THE LETTER OF INTENT WENT ON TO SAY THAT IF THE ABOVE THINGS WERE AGREED UPON THE TOWN WOULD NON-SUIT THEIR LAWSUIT AGAINST THE EDA. AND INSTEAD JOINED TOGETHER WITH THE EDA AND THEIR LAWSUIT TO TRY TO RECOVER THE MILLIONS OF DOLLARS THAT THE CITIZENS OF FRONT ROYAL AND WARREN COUNTY HAD STOLEN FROM THEM. AS I STATED BEFORE, WE WERE ALL OPTIMISTIC THAT WE COULD COME TOGETHER AS THE TOWN AND COUNTY TO BEST SERVE THE INTERESTS OF ALL OF OUR CITIZENS. THE LETTER OF INTENT WAS DELIVERED BY MAYOR WALTZ, CHAIRMAN MAY AND AUGUST. AND ALTHOUGH WE THOUGHT WE HAD COVERED ALL OF THE THINGS THAT IN OUR INFORMAL DISCUSSIONS, WE ALL FELT LIKE WE COULD LIVE WITH, FOR SOME REASON I'M BEKNOWNST, TO ME, OTHER MEMBERS OF THE BOARD OF SUPERVISORS DID NOT WANT TO SEE US COME TO A RESOLUTION. I WANT TO ACKNOWLEDGE THAT I PERSONALLY APPRECIATE ALL THE TIME AND EFFORT THAT SUPERVISORS, OATS AND COLORS, AS WELL AS COUNCILMAN HOLLOWAY, DEVOTED TO TRYING TO FIND A RESOLUTION. I ALSO APPRECIATE THE MAYOR AND TOWN COUNCIL SUPPORT AND WILLINGNESS TO COMPROMISE AND WORK TOWARDS A RESOLUTION. HOWEVER, AS MY FATHER ALWAYS SAID, IF HE CAN'T GET IN THE FRONT DOOR, SOMETIMES YOU HAVE TO GO IN THE BACK. THE TOWN DID JUST THAT SECURING OUR OWN FINANCING, WHICH WILL BE AN EXTREMELY FAVORABLE RATE IN TERMS WE'LL SAVE THE TOWN CITIZENS A TREMENDOUS AMOUNT OF MONEY COMPARED TO WHAT WAS OFFERED BY THE EDA, WHICH COUNCILMAN CEYLON OUTLINED. I'M ABSOLUTELY RELIEVED TO HAVE THIS MONKEY OFF OUR BACK AND HOPEFUL THAT WE CAN NOW MOVE FORWARD. THIS DOESN'T MEAN THAT WE STILL WILL NOT BE SEEKING TO RECOVER THE MONEY STOLEN IN THE EDA DEBACLE, BUT THIS IS ONE STEP TOWARDS SOME HEALING THAT I BELIEVE NEEDS TO HAPPEN FOR ALL OF OUR CITIZENS. MS. COCHRAN, I BELIEVE. UH, MR. NEXT, THANK YOU, MISS STRATEGIC. WELL, I AM TRULY EXCITED THAT WE'RE ABLE TO ANNOUNCE TONIGHT TO THE SECURING OF FUNDS THROUGH A LOAN TO PAY OFF THE DEBT SERVICE OF OUR BEAUTIFUL FRONT ROW POLICE STATION. AND, UM, I KNOW THIS, THIS PRESS CON CONFERENCE HAD A GREAT POSITIVE NOTE. AND IF YOU CAN'T TELL, I THINK THAT, UM, SOME COUNCIL MEMBERS ARE EXCITED TO BE ABLE TO CLEAR THE AIR ON SOME OF THE ISSUES, UM, THAT, UH, WE'VE HAD TWO THAT WE'VE BEEN DISCUSSING AND HAD TO KEEP, KEEP QUIET UNTIL THE TIME IS RIGHT. UM, IT'S CERTAINLY GREAT TO STAND UP HERE AND SHARE THE POSITIVE NEWS AND LIGHT OF THE MONTHS OF MISINFORMATION THAT CONTINUES TO BE CIRCULATED BY LOCAL MEDIA AND EVEN CANDIDATES RUNNING FOR OFFICE AND OUR LOCAL ELECTION. NOW THAT IT IS PUBLIC, THAT THE TOWN HAS AGREED TO TERMS OF ALONE FOR THE PD WITH UNITED BANK. I WOULD LIKE TO TAKE THIS OPPORTUNITY TO CLARIFY A FEW POINTS. COUNCIL HAS ALWAYS INTENDED A COUNCIL HAS ALWAYS HAD THE INTENTION OF PAYING FOR THE NEW POLICE STATION, BUT A STRUGGLE TO GET DOCUMENTATION OF AN ACKER LOAN PAYOFF FROM THE EDA DON'T MEAN TO HAVE TOO MUCH REDUNDANCY HERE, BUT YOU ONLY HEARD SOME OF IT WITHOUT THE DOCUMENTATION OF ACCURATE TOTAL FUNDS DISPERSED THE TOWN CANNOT SECURE A TRADITIONAL LOAN, EVEN IF WE WANTED TO COULDN'T SECURE IT. ANY A GOOD FINANCIAL INSTITUTION WOULD REQUIRE THE DOCUMENTATION FOR A LOAN APPROVAL DOCUMENTATION. THE EDA COULD NOT, OR WOULD NOT PROVIDE AND HAS NO ONLY BEEN USING TO HOLD THE TOWN HOSTAGE AND NEGOTIATIONS ALL THE WHILE, MAINTAINING THAT THE TOWN IS NOT ACTING IN GOOD FAITH. THE IRONY OF THE RECENT LAWSUIT AGAINST THE TOWN, IT'S NOT LOST ON ME. WHAT IS PARTICULARLY FRUSTRATING IS THAT SOME ARE SCRUTINIZING THE TOWN INSISTING THAT THEY ARE BEHAVING IN A, THAT THE TOWN IS BEHAVING IN A FRAUDULENT MANNER BY NOT PAYING FOR THE PD WHILE THE EDA IS REPRESENTED AS A VICTIM, BECAUSE THEY'RE STRUGGLING TO MEET THEIR FINANCIAL OBLIGATIONS DUE TO THEIR INSOLVENCY. I REMIND EVERYONE THAT THE TOWN IS A VICTIM IN THE ADA SCANDAL, AND THAT THE LACK OF THE BOARD OVERSIGHT OF THE PAST EXECUTIVE DIRECTOR LANDED US IN THIS SITUATION TO BEGIN WITH. AND SPEAKING OF OVERSIGHT, EVEN AFTER MILLIONS OF DOLLARS LOST THROUGH THE EDA, THE EDA HAS YET TO COMPLETE A FINANCIAL AUDIT OF THEIR ACCOUNTS SINCE 2017. CAN YOU BELIEVE THAT THERE IS YET TO BE AN AUDIT COMPLETED IN THE EDA? I FEEL LIKE THAT SHOULD RESONATE A LITTLE BIT. SO WHEN IT COMES TO AGREEING ON A PAYOFF AMOUNT, THE RHETORICAL QUESTION THAT FOLLOWS SHOULD BE, SHOULD THE TOWN JUST TAKE THE ADA'S WORD FOR IT? WELL, WE'VE DONE THAT [00:30:01] BEFORE MANY PEOPLE WERE ASKING THE QUESTION ABOUT WHY THE TOWN NEEDS TO CREATE ITS OWN EDA. AND JUST PUTTING ASIDE THE FACT THAT WE'RE, UM, THE FACT THAT WE WERE IN A LEGAL DISPUTE WITH A KEARNEY DA, AS OTHERS THAN I HAVE STATED, THE CURRENT DA HAS NOT BEEN ABLE TO COMPLETE AN AUDIT SINCE THE CORRUPTION WAS UNCOVERED. THEY WERE FINANCIALLY INSOLVENT, CANNOT BORROW MONEY ON THEIR OWN ACCORD, THUS RENDERING THEM INEFFECTIVE AS A STANDALONE ENTITY THAT IS DESIGNED TO FACILITATE ECONOMIC DEVELOPMENT OPPORTUNITIES WITHIN OUR COMMUNITY. FOR ME, THE QUESTION IS NOT WHETHER THE TOWN SHOULD SET UP ITS OWN EDA, BUT RATHER HOW FAST CAN WE GET IT DONE IN ORDER TO HELP OUR ECONOMY OUT OF ITS DOWNTURN AND TAKE CHARGE OF THE FUTURE OF OUR TOWN. AS PREVIOUSLY MENTIONED, THE TOWN HAS CONTINUED TO WORK THIS PROBLEM TO NO AVAIL. IT WAS ONLY DUE TO CREATIVE THINKING OF TOWN STAFF, THAT THEY WERE ABLE, THAT WE WERE ABLE TO GO STRAIGHT TO UNITED BANK TO WORK OUT THE TERMS. AND I WANT TO TAKE THIS OPPORTUNITY TO THANK OUR TOWN STAFF AND UNITED BANK ON THE TREMENDOUS EFFORTS AND THEIR TREMENDOUS EFFORTS IN OVERCOMING THE BARRIERS PUT IN FRONT OF THEM AND FIGURING OUT A WAY TO SECURE FUNDING SO WE CAN MOVE PAST THE SPREADING OF MISINFORMATION. AND SO OUR POLICE OFFICERS CAN ENJOY THEIR NEW HOME WITHOUT THE CONSTANT CRITICISM. THANK YOU. THANK YOU, COUNCILMAN MEZA I BELIEVE MS. THOMPSON, YOUR LAST ONE. UM, WELL, I JUST WANTED TO THANK EVERYBODY FOR COMING OUT TONIGHT. UM, I THINK EVERYBODY, ALL MY COUNCIL MEMBERS HAVE COVERED EVERYTHING. SO I GET THE EASY PART. UM, I WOULD JUST LIKE TO ALSO THINK, UH, MATT BJ, THE ATTORNEYS, THE STAFF WHO WORKED HARD ON THIS, THE ONLY THING WE'VE EVER WANTED WAS A NUMBER. AND WE KEPT GETTING DIFFERENT NUMBERS. UM, BEING ABLE TO GO TO THE BANKS DIRECTLY AND SECURING THIS FINANCING IS A HUGE WIN FOR ALL OF US, EVERY SINGLE ONE OF US. AND, UM, FROM HERE, WE CAN JUST MOVE FORWARD AND CONTINUE ON THIS PATH AND GET OUT OF ALL OF THE LEGAL MAMBO THAT EVERYBODY WANTS TO SEE. AND, AND, UM, I THINK THAT'S IT. THANK YOU. COUNCILWOMAN THOMPSON, MR. BARRY, YOU WANT TO TAKE QUESTIONS NOW? YES. IF ANYONE HAS A QUESTION, PLEASE COME FORWARD. BUT BEFORE YOU DO, UH, PARDON, WHAT ABOUT THE PRESS? I DON'T KNOW. I JUST WANT TO MAKE SURE THAT, YOU KNOW, I, I, I AGREE WITH SOME OF THE STATEMENTS MADE TONIGHT, BUT I DON'T AGREE WITH A LOT OF THEM. YOU KNOW, I THINK WE HAVE TRIED TO WORK WITH EDA AND I THINK WE'VE TRIED TO WORK WITH THE TOWN BOARD OF SUPERVISORS. AND I THINK THAT WE WE'VE GONE WAY TONIGHT IN THIS PRESS RELEASE AND, AND TRYING TO MAKE EVERYBODY LOOK BAD. THAT'S WHY I WANT TO APOLOGIZE TO ANYONE OUT THERE THAT ACCRUES WITH ME. THANK YOU. DO YOU HAVE ANY QUESTIONS TONIGHT? I BELIEVE IT'S THE SORT OF PRESS, RIGHT? IS THAT JUST PRESS OKAY, GARY, JUST TO PRESS? YEP. YEAH. ROGERS. YOU HAVE A QUESTION. YEAH, PRESS THE PRESS CONFERENCE. SUCH AS THE PRESS RELEASE GARY. OH, IT'S NOT OPEN TO THE GENERAL PUBLIC. SORRY. WE WOULD GET A COPY OF THE PRESS RELEASE HARD COPY. THERE. THERE IS NO HARD COPY OF A PRESS RELEASE. IT'S JUST A PRESS CONFERENCE. OKAY. ALL RIGHT. THERE'S BEEN A LOT OF ACCUSATIONS ABOUT A LOT OF LACK OF COOPERATION BY THE COUNTY AND THE EDA, ESPECIALLY ON THE POLICE DEPARTMENT NEGOTIATIONS AND THE PROMISES VERBAL PROMISES. I UNDERSTAND OF JENNIFER MCDONALD ON THE 1.5 NEW MARKET TAX CREDIT INTEREST RATE. DOES THE TOWN HAVE ANYTHING IN WRITING TO VERIFY THAT PROMISE THAT IT WAS TRUE? BECAUSE I THINK AS I RECALL, LATE 2016 AND EARLY 2017 COUNSEL WAS TOLD BY THE ADMINISTRATOR OF THE PROGRAM THAT YOU DID NOT HAVE THE LOAN, WE'RE STILL COMPETING FOR A LIMITED AMOUNT OF FUNDS. UH, AND I THINK THAT TOWN MANAGER THEN JOE WALTZ AND THE FINANCE DIRECTOR BOTH RECOMMENDED A 2.65 INTEREST RATE BECAUSE THE 1.5 NEW MARKET TAX CREDIT WAS SUCH AN UNSURE THING. UM, AGAIN, I GUESS MY QUESTION IS, DO YOU HAVE ANYTHING IN WRITING TO BUILD THAT PROMISE THAT YOU'VE STOOD ON? LET ME ADDRESS THAT. WELL, I'M REALLY NOT SURE. I KNOW WE SIGNED A RESOLUTION THAT IT SAID, WE ASSUMED THAT THE INTEREST RATE WOULD BE 1.5 AND NEVER SPECIFICALLY STATED 1.5%. THAT WAS JUST CAME FROM JENNIFER MCDONALD AND OUR NEGOTIATION WITH HER. BUT AS FAR AS THE RESOLUTION, WHEN IT WAS SENT TO THE EDA BOARD, UH, FOR APPROVAL DID NOT AS SET ASSUMED TO BE 1.5%. AND, UH, MR. MAYOR MEMBERS OF COUNCIL, [00:35:01] I JUST WANT TO REMIND YOU THAT WE'RE STILL IN THE MIDST OF LITIGATION WITH THE EDA. SO I THINK WE HAVE TO BE VERY CAREFUL, UM, WHAT WE REPRESENTED PUBLIC, UH, BASED UPON LEGAL ADVICE FROM COUNSEL RECEIVED. SO I JUST WANTED TO REMIND COUNCIL MEMBERS OF THAT. THANK YOU. ANY OTHER QUESTION? I ACTUALLY HAD A COMMENT AS WELL, TO SPEAK TO WHAT ROGER SAID, BECAUSE I KNOW THAT, UM, THAT YOU INFERRED THAT THERE WAS A LOT OF ACCUSATIONS AND STUFF. AND I JUST WANT TO POINT OUT THAT MY COMMENTS WERE, WERE MEANT TO BE APPRECIATIVE OF THE PEOPLE THAT WORKED WITH US. AND SO I APOLOGIZE IF I CAME ACROSS AS THAT BEING NEGATIVE BECAUSE, UM, AS YOU KNOW, I WAS APPOINTED IN JANUARY. AND SO A LOT OF THESE THINGS OCCURRED BEFORE I WAS HERE AND MY NATURAL INSTINCT IS TO TRY TO WORK TOGETHER. AND THAT'S WHAT I KNOW THAT WE WERE TRYING TO DO STARTING IN JUNE, AS WELL AS, UM, SHARON DOLORES, WHERE, SO, UM, IF, IF THAT WAS YOUR INTERPRETATION, I JUST WANT TO SAY I DIDN'T DO A VERY GOOD JOB EXPRESSING THAT. DID I? SO JUST ONE MORE COMMENT THAT I'D LIKE TO MAKE TO THAT AS WELL IS, UM, YOU KNOW, OBVIOUSLY SOME OF THIS IS IN LEGAL DISPUTE, UH, AS FAR AS THE TERMS GO, BUT WHAT I COULD SAY IS REGARDLESS WHETHER OR NOT THE EDA AND THE TOWN CAME TO TERMS ON THE INTEREST RATE, WE HAVE OFFERED TO PAY THE FULL PRINCIPLE AND CONTINUE TO LITIGATION OF THE INTEREST RATE, NOT WITHHOLDING, UM, THE FUNDS REQUIRED TO PAY THE DEBT SERVICE ON THE POLICE STATION. UH, I THINK THAT'S AN IMPORTANT PART. SO WHEN YOU'RE ASKING THE LEADING QUESTION OF, UM, UH, THE INTEREST RATE, UM, I DON'T WANT IT TO BE IMPLIED THAT THAT IS WHAT WAS HOLDING UP THE FUNDS FOR US PAYING THEM. UM, AGAIN, WE'VE, I THINK ARTICULATED THAT TONIGHT, THAT THAT WAS A CHECK THAT WE WERE WILLING TO WRITE TO PAY FOR THE DEBT SERVICE OF THE BUILDING. YES, I WOULD LIKE TO, I LIKE TO COMMENT AS WELL. WE NEGOTIATED FOR $8.4 MILLION. NOW THE STAFF AND MYSELF, THE INTERIM TOWN MANAGER, OUR ACCOUNTANT, WE ALL FINALLY SAT DOWN AND LOOKED AT EVERY NICKEL AND DIME THAT WAS SPENT ON THE POLICE DEPARTMENT. AND WE ALL AGREED 8.4. WE EVEN HAD THE EDA PREACHING TO US ABOUT 8.4. WHY DON'T YOU PAY IT? THAT'S WHAT WE AGREED TO WHEN WE HAD ALL THIS NEGOTIATION AT THE TABLE, LOOKING AT DOCUMENTS OVER AND OVER JUST THIS PAST WEEK. NOW THEY'RE SAYING IT'S 8.9. I HAVEN'T SEEN THE FIRST DOCUMENT THAT SAYS, WHERE DID YOU COME UP WITH THE ADDITIONAL HALF MILLION DOLLARS? SO LIKE I SAID, I WAS ELATED WHEN WE GOT THE TERM PAPER ON THE 8.4 AND NOW THE NUMBER CHANGES I WORKED IN FEDERAL GOVERNMENT AS A CONTRACTOR. IF I WORKED A PROJECT, I BETTER HAVE EVERY DOCUMENTATION ARE VERY DUMB THAT I SPENT. IS THAT RIGHT? MR. RAPPORT, RIGHT DOWN THE LINE. I HAVEN'T SEEN IT. WE HAVEN'T NEGOTIATED. WE HAVEN'T TALKED, BUT THERE'S, THEY'RE STATING NOW IT'S $8.9 MILLION. THE ELATION CAME WITH THE TERM PAPER. NOW I'VE GOT A DOWNFALL BECAUSE WHERE'S THIS 500,000 IT'S NEVER BEEN NEGOTIATED OR DISCUSSED MR. SARAH. OH, SURE. I SEE THE CHAIRMAN OF THE ACTING CHAIRMAN OF THE EDA HERE. ARE THEY GOING TO BE ALLOWED TO RESPOND TO ANY OF THIS? BECAUSE I THINK FROM MY UNDERSTANDING OF PAST CONVERSATIONS, THAT EDA MEETINGS, THAT FOUR TO 500,000, YOU'RE TALKING ABOUT, MAYBE THE INTEREST IT'S ALREADY BEEN PAID, BUT HE COULD EXPLAIN THAT BETTER THAN ME. IF WE THANK YOU. I THINK THAT THE EIGHT FOUR IS THE PRINT. THE PRINCIPLE BALANCE REMAINING, AND THE 400,500,000 IS ALREADY PAID INTEREST, BUT I COULD BE WRONG. BUT I THINK HE COULD PROBABLY ANSWER THAT. HEY, I MISSED HER. I MISSED YOUR QUESTION. ROGER. I MISSED YOUR QUESTION. I WAS JUST TRYING TO RESPOND TO WHERE THAT EXTRA 400, 500,000 CAME FROM. I THINK IT'S INTEREST IT'S ALREADY BEEN PAID. ROGER. WE SHOULD NOT HEAR IT FROM YOU. THIS SHOULD HAVE BEEN, THERE SHOULD HAVE BEEN WITH IT. THEY'RE GOING TO BE ALLOWED TO DISCUSS LONG AND HARD BETWEEN THE TOWN AND THE EDA, WHICH HAS NOT. OKAY. MR. SARAH, THANK YOU, MR. SHIN. OKAY. I JUST WANT TO SAY GOOD JOB BECAUSE YOU SHOULD ADD NEVER AS A BUSINESS OWNER, A PERSON THAT IS ONE ORGANIZATION, PAY A NICKEL ON THE DEBT THAT COULD NOT BE LISTED OUT TO ME. AND I DON'T UNDERSTAND WHAT PEOPLE ARE OUT HERE UPSET ABOUT. [00:40:02] IF YOU WERE ABLE TO FIGURE OUT WHERE THE LOAN WAS TAKEN AND HOW MUCH WAS OWED ON THE LOAN, THAT'S THE BEST GOOD EFFORT YOU CAN DO IF PEOPLE AREN'T PROVIDING WHAT YOU NEED TO MAKE EDUCATED DECISIONS. AND I'M GOING TO SAY, I THINK YOU GUYS DID A WONDERFUL JOB. THANK YOU, MR. SARAH. ALL RIGHT. I KIND OF WANT TO NAIL DOWN WHAT YOU GUYS HAVE DONE. DO YOU HAVE AN INTEREST RATE AT 1.8, 7% OR WHAT, WHAT KIND OF INTEREST RATE DO YOU HAVE NOW? WE CAN'T DISCUSS THAT. YOU CAN'T DISCUSS THAT. OKAY. AND YOUR, YOUR LOAN IS WELL, 8.4 MILLION. CAN'T DISCUSS SPECIFICS. ALL RIGHT. I HEAR THOSE FIGURES. UM, ALL RIGHT. SO MY UNDERSTANDING IS THAT, THAT YOU ALL HAVE A RE ORGANIZATION WITH THE EDA, MAYBE THE, THAT IF YOU COULD ENTER INTO WITH THE COUNTY BOARD, THAT YOU MAY HAVE AN, UH, DISREGARD THE CURRENT EDA. I BELIEVE THE NEW EDA, I BELIEVE WHAT YOU'RE REFERENCING IS, WAS THE LETTER OF INTENT THAT THE MAYOR RATIFIED ON AUGUST 3RD YES. AND SENT IT TO THE COUNTY AND THE COUNTY NEVER, UM, NEVER SENT ANYTHING BACK TO THE TOWN. SO THAT LETTER OF INTENT IS OFF THE TABLE. OKAY. ALL RIGHT. SO YOU GUYS ARE STILL MOVING FORWARD WITH YOUR OWN SEPARATE EDA? I BELIEVE SO. YES. WE'RE ADVERTISING FOR POSITIONS AND WE WELCOME ANYONE WHO WOULD LIKE TO APPLY. WE'VE GOTTEN SEVERAL APPLICANTS ALREADY. OKAY. ALRIGHTY. WELL, I'LL APOLOGIZE. I, I, YOU KNOW, I WAS LOOKING FOR EXACTLY WHAT THE INTEREST RATE IS AND WHAT YOU ALL ARE DOING MOVING FORWARD. SO, BUT ANYWAY, YOU HAVE A GOOD INTEREST RATE. UM, INTEREST RATES ARE AT HISTORIC LOWS RIGHT NOW. SO I'LL APPLAUD YOU FOR DOING THAT. THAT'S, YOU KNOW, BEST THING TO DO AND MOVE FORWARD. OR ARE YOU ALL LOOKING FORWARD NOW TO ENTERING SOME TYPE OF NEGOTIATION TO WHERE YOU CAN SETTLE THE CASE WITH THE EDA? ARE YOU ALL PLANNING ON MOVING FORWARD WITH THAT CASE? WHAT IS YOUR, I THINK THAT'S INAPPROPRIATE. I THINK THAT'S A QUESTION FOR OUR ATTORNEYS. OKAY. ALL RIGHT. ALL RIGHT. THANK YOU. THANK YOU, MR. BRIDGES, DID YOU HAVE SOMETHING YOU WANTED TO SAY? I KNOW THE PRESS I DO. OH, YOU'RE NOT PRESSED. YES, I AM. I'M A CITIZEN JOURNALIST. OKAY. MR. BRIDGES, DID YOU ANY COMMENTS? I WAS GOING TO ASK A QUESTION AS TO, UH, WHY ARE YOU NOT RELEASING THE TERMS OF THIS, UH, THIS LATEST AGREEMENT? YEAH. GREAT, GREAT, GREAT QUESTION. UM, IT'S A CON IT'S, THE BANK HAS IT AS A CONFIDENTIAL TERM SHEET. OKAY. AND, UM, UH, THEY HAVE A MEETING NEXT WEEK AND A HALF PROBABLY NEXT WEEK. WE'LL BE ABLE TO RELEASE THE TERMS. OKAY. SO TH THEY NEED TO, IT'S ON THEIR END. NOW THEY NEED TO DO THEIR, WHATEVER THE PROCESS, THE NORMAL, IT'S A NORMAL PROCESS THAT THEY GO THROUGH. SO FIRST YOU HAVE A NON-BINDING TERM SHEET THAT'S CONFIDENTIAL IN THIS CASE. AND THEN, UM, THEY'LL HAVE THEIR COMMITTEE MEETING, UM, EARLY NEXT WEEK. AND I WAS TOLD AS OF, YOU KNOW, FIVE O'CLOCK TODAY THAT EVERYTHING LOOKS VERY POSITIVE AND WE'LL BE ABLE TO RELEASE THE TERMS PROBABLY NEXT WEEK. IS IT CLOSER TO, UH, OR IS IT BELOW THE THREE, I GUESS THE, THE INTEREST RATE THAT WAS PRESENTED TO THE TOWN THAT THE EDA, YEAH. I BELIEVE I WOULD NOT BE VIOLATING, UH, ANY ASPECTS OF THE TERM SHEET TO LET YOU KNOW IT IS, UH, IT IS BELOW THE 3.7, 5% THAT WE WERE TRYING TO GET PRESSURED INTO LAST YEAR AND, AND OTHER RATES. OKAY. IS THERE A, THE TOTAL I KNOW IS 8.4 MILLION FOR THE PRINCIPAL? UM, I DON'T SUPPOSE YOU COULD, YOU COULD SAY HOW MUCH INTEREST WOULD BE ON TOP OF THAT. YEAH, NOT RIGHT NOW. I KNOW, FORTUNATELY, OKAY. WEEK MR. BUCCINI, UH, LORI, I BELIEVE THAT THE NEGOTIATIONS YOU WERE TALKING ABOUT WHERE THE RESERVATION OF RIGHTS AGREEMENT, NEGOTIATIONS, THE COUPLE OF DIFFERENT YES. THE THINGS I WAS REFERRING TO, RIGHT? THE LETTER OF INTENT WHERE YOU, WHERE YOU WERE TALKING ABOUT YOU AND CHRIS TALKING TO, I BELIEVE IT WAS DOLORES AND CHERYL, WHEN WE WERE DISCUSSING THINGS THAT WE THOUGHT THAT EACH BODY COULD LIVE WITH, WE TALKED THINGS SUCH AS THAT, IS THAT WHAT YOU'RE ASKING? RIGHT. WELL, MIKE, MY QUESTION IS THAT IF IT WASN'T A NEGOTIATION OR THE RESERVATION OF RIGHTS AGREEMENT, WHAT ACTUALLY WAS OFFERED BY THE TOWN OTHER THAN A HALF MONTHLY INTEREST PAYMENT, THAT WAS RECOVERABLE IN RETURN FOR THE COUNTY IN EDA SIGNING OFF ON THE FACT THAT THE TOWN HAD NO MORAL OR LEGAL OBLIGATION TO PAY ANYTHING ON THE FRONT ROW POLICE DEBT. THAT'S WHAT, THAT'S WHAT I SAW IN THAT FIRST DRAFT OF THE AGREEMENT. YEP. I CAN ADDRESS THAT IF YOU WISH. [00:45:01] YEAH. ANY MEMBERS OF COUNCIL WANT TO ADDRESS THAT. THAT WAS A GOOD FAITH EFFORT TO PAY THE DEBT SERVICE THAT WAS COMING UP, UH, ON THE LOAN FOR THE PD WHILE WE CONTINUE TO DISCUSS THE OTHER TERMS OF THAT AGREEMENT. UH, AGAIN, I'M ARTICULATING THE FULL INTENT TO PAY THE FULL DEBT SERVICE OF THE PD. UM, SO THAT'S, THAT'S WHAT THAT WAS TO CONTINUE THAT CONVERSATION SO THAT WE WEREN'T UP AGAINST A HARD LINE AND THAT, UM, BOTH THE BOARD AND THE COUNCIL COULD HAVE THE OPPORTUNITY TO DISCUSS THOSE TERMS. MR. I WOULD ADD ONE THING, I BELIEVE THE WAY MR. BIANCHINI, UH, CHARACTERIZED THE, UM, THE RESERVATION OF RIGHT IS INACCURATE. AND I HAVE A COPY OF IT THAT I'LL GIVE YOU THIS EVENING, WHICH WILL REFRESH YOUR MEMORY. ALL IT DOES. IT RESERVES THE TOWN COUNCILS. WELL, THIS IS THE RATIFIED DOCUMENT. SO ARE YOU REFERENCING THE FIRST ONE THAT THEY DID NOT AGREE TO? WHICH WE REWROTE, RIGHT? YEAH. SO THE FIRST ONE IS OFF THE TABLE. SO THEY CAME BACK AND SAID THE FIRST ONE WAS OFF THE TABLE. AND, UM, THE ADA'S, UH, LEGAL COUNSEL IN CONSULTATION WITH THE TOWN'S LEGAL COUNSEL DRAFTED. THE SECOND DOCUMENT, WHICH BOTH PARTIES WERE, UH, WERE AGREED TO THIS DOCUMENT WAS PROVIDED TO THE, UM, BOARD OF SUPERVISORS. AND WE NEVER GOT A FORMAL RESPONSE BACK. WE NEVER GOT ANY EDITS BACK. WE NEVER RECEIVED ANY DOCUMENTATION AS TO WHAT WAS WRONG WITH THIS RESERVATION OF RIGHTS. SO WE JUST ENDED UP AFTER APPROXIMATELY 30 DAYS, I TURNED THE CHECK BACK OVER TO THE FINANCE DIRECTOR. SO IT COULD BE AVOIDED WAS THE SHORTER ONE. THE SECOND ONE, WAS THAT ALSO A RECOVERABLE HALF MONTH PAYMENT, $10,000. THEREABOUTS. YES. YEAH. IT READS AS A SHOW OF GOOD FAITH INTO FACILITATE CONTINUED DISCUSSIONS WITH THE COUNTY, THE TOWN HERE BY TENDERS PAYMENT, ANY AMOUNT OF $10,528 AND 95 CENTS FOR THE JULY, 2020 PAYMENT ON THE LOAN. THIS AMOUNT HAS BEEN CALCULATED WITH REFERENCE TO THE NEW MARKET TAX CREDIT PROGRAM AS DETAILED IN THE LITIGATION. SO, I MEAN, IT'S, IT'S, IT'S A VERY INNOCUOUS, IT'S A, IT'S A COMMON TYPE OF DOCUMENT. EVEN THE ED ATTORNEY, UH, RECOGNIZE THAT, BUT REGRETTABLY, THE COUNTY DID NOT, DID NOT ACCEPT IT. UM, THEY DIDN'T SIGN IT AND THEY DIDN'T ACCEPT THE, THE GOOD FAITH EFFORT OF THE TOWN. SO I'M STILL NOT CLEAR FROM THAT READING. WOULD THAT HAVE BEEN A RECOVERABLE $10,000 OR I DON'T KNOW WHAT YOU PAID IT ONCE IT PAID, IT WOULD HAVE BEEN, IT WOULD HAVE BEEN PAID. I MEAN, WE, WE, WE'VE NEVER, AS, AS YOU'VE HEARD PROBABLY SEVEN OR EIGHT DOZEN TIMES THIS EVENING, WE'VE NEVER, UM, THERE'S NEVER BEEN ANY DISPUTE AS FAR AS THE AUTHORIZED DEBT, AS IT RELATES TO THE PD AND WHAT WE AUTHORIZED IN PUBLIC IN ORDER TO, UH, TO PAY FOR THE PD. SO THERE'S, THAT'S NEVER BEEN IN DISPUTE AND THAT'S WHY, UH, THE TOWN THOUGHT IT'D BE GOOD TO HAVE THIS GOOD FAITH, UH, GESTURE. AND IT WAS SUMMARILY DISMISSED. IT WAS NOT, THERE WAS NO REPLY, UM, FORMAL REPLY FROM THE COUNTY ON THIS DOCUMENT NOR THE LETTER OF INTENT THAT WAS SENT ON AUGUST 3RD. OKAY. THANK YOU. THANK YOU. ANY OTHER PRESS? YEP. I'M A BLOGGER. ANY OTHER PRESS CONSIDERED CITIZENS? JOURNALISTS. THAT'S ALL I HAVE. OKAY. MR. MAYOR, MAY I PLEASE ASK A QUESTION? THIS WAS A PRESS RELEASE. IF IT'S NOT RELATED TO THE PRESS RELEASE, NOW YOU CAN. NO, IT'S NOT IN THE PRESS. THANK YOU. THANK YOU. MEET A NEW JAR. THANK YOU. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.